Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.
Petrol and diesel fall in GST, 0.4% loss to GDP
Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.
Saudi Arabia turned down India's request
Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.
Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.
The sentence will be announced today in the RG Kar case of Kolkata, the capital of West Bengal. A
The Indian Computer Emergency Response Team (CERT-In) has issued a fresh cybersecurity advisory w
UGC NET Answer Key 2023: NET JRF answer key is about to be released, this is how you can check
UGC NET JRF Answer Key 2023: The National Testing Agency will soon release the answer key for the
The swearing-in of the ministers of the Bharatiya Janata Party, which secured a thumping majority
Union Home Minister Amit Shah held a meeting with top officials just hours after the killing of a
Foxconn: Congress taunts BJP on Foxconn's decision, said- should not trust the headlines created
The Congress targeted the BJP after Foxconn decided to exit. Congress said that whether it is the
D Gukesh, who became the youngest world chess champion by defeating China's Ding Liren, was raise
Kisi Ka Bhai Kisi Ki Jaan Box Office Collection Day 5: Salman Khan's film has dominated the theat
Samsung AI Boom: Three-Month Earnings Surpass Full-Year Profit as AI Business Fuels Massive Growth
South Korean technology giant Samsung Electronics has reported a blockbuster preliminary earnings
Justice Yashwant Verma of Delhi High Court, who is facing investigation after unaccounted cash wa
